THE INVESTMENT PLAN FOR EUROPE - EUROPEAN FUND FOR STRATEGIC INVESTMENTS (EFSI) EUROPEAN INVESTMENT ADVISORY HUB (EIAH) EUROPEAN INVESTMENT ...
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THE INVESTMENT PLAN
FOR EUROPE
EUROPEAN FUND FOR STRATEGIC INVESTMENTS (EFSI)
EUROPEAN INVESTMENT ADVISORY HUB (EIAH)
EUROPEAN INVESTMENT PROJECT PORTAL (EIPP)
IMPROVED INVESTMENT ENVIRONMENT
•
EU economic growth
EU GDP growth 2012 EU GDP growth 2016 (forecast)
Source: European Commission, Winter Economic Forecast, Feb. 2016
EU Investment (private/public) trend
Real gross fixed capital formation (GFCF) in EU
Baseline vs. historical norm
EU-28, in 2013 prices, € bn
3,051
Baseline data / forecast 3,028
2,981
2,884
GFCF historical norm, assuming
an investment/GDP ratio of 21- 2,858
22%
2,720
2,640 2,726 2,771
2,667 2,670 2,653 2,680
2,536 2,610
2,520 2,563
2,522
2,410
forecast
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3
Investment gap: EIB analysis
• Productivity growth in EU < US since mid-1990s
• Additional investment estimated by EIB:
+ € 130bn/y in R&D to meet EU target of 3% of GDP
+ € 100bn/y to upgrade Energy networks
+ € 80bn/y to upgrade Transport networks
+ € 65bn/y to reach EU Digital Agenda standards
+ € 10 bn/y for state-of-the-art Education facilities
+ € 90 bn/y to rehabilitate Environmental services and Water
+ € 35bn/y in VC financing to match US levels of VC/GDP
• Most of these needs have to be translated into concrete investment
projects:
Structural reforms, Policies to address market inefficiencies, Advisory, Risk-
taking.
Source: EIB, "Restoring EU competitiveness", Jan-2016
4
The 3 pillars of the Investment Plan for Europe
1. MOBILISING FINANCE 2. MAKING FINANCE
FOR INVESTMENT REACH THE REAL ECONOMY
Mobilise at least €315bn over 3 years for strategic European Investment Project Portal (EIPP)
investments and access to finance via the European European Investment Advisory Hub (EIAH)
Fund for Strategic Investments (EFSI) within EIB/EIF
Cooperation with National Promotional Banks
3. IMPROVED INVESTMENT ENVIRONMENT
Predictability and quality of regulation
Removing non-financial, regulatory barriers
in key sectors within EU Single Market
Structural reforms at national level
5
EFSI value added: making a difference
Addressing Financing Absorbing part of
market failures or operations not the risk to trigger
sub-optimal possible to same additional
investment extent otherwise investments
situations
Impact orientation
Attracting other
Enhancing Supporting
sources of
growth employment
finance
6
EFSI results dashboard
7
Examples of EFSI operations
Financing for a French SME guarantee
pioneering programme agreement
EUR 400m to Unlocking EUR
trigger energy 100m of loans for
efficiency investments
in private homes 1 000 SMEs in
Bulgaria
Driving clean For energy Backing Supporting
energy efficient midcap smaller
investment buildings modernisation businesses
Equity-type financing Funding cutting-edge
for an innovative fund steel production
facilities in Italy
EUR 75m for
investment in offshore EUR 100m for
wind, biomass and innovative and
transmission projects competitive steel
in Denmark products
21
EFSI type of instruments
Continuously adapting to market needs
7
Key features of EFSI
Focus on investments in real economy
Results on growth and jobs
Market-driven, no political interference
No geographic or sector pre-allocation
Leverage / crowd-in private sector and third parties
Economic and technical viability
Additionality vs existing instruments
Market failures and sub-optimal investment
Higher risk-taking than EIB normal activity in EFSI timeframe
Pricing in line with EIB policies
10Who can benefit?
Eligible counterparts
SMEs
Utilities and
Corporates of all public sector (up to 250
sizes entities employees) or
midcaps
(non-sovereign)
(up to 3 000)
Contact
EIB Group directly
National via InfoDesk or
Promotional Dedicated relevant
Banks or other Investment Operations
banks for Platforms Department
intermediation www.eib.org
www.eif.org
9EFSI Investment platforms
Pooling of projects with thematic or geographic focus
Flexible form: co-financing agreement, SPV, Fund, etc.
Useful to pool small projects
Can benefit from EU Guarantee via EIB
Cooperation with EU National Promotional Banks
Rules on operations with NPBs and Investment Platforms
approved
Interest by institutional investors, third countries and SWFs
Working group EC-EIB-China on investment cooperation
12EFSI in combination with EU funds
MS may use EU funds to co-finance EFSI projects.
ESIF (EU Structural and Investment Funds) programmes may
contribute to the achievement of the objectives of the Investment
Plan and be complementary to EFSI support, so as to ensure
higher value-added and leverage:
at Project level
at Investment Platform level
Guidance Brochure by the Commission available at
ec.europa.eu/regional_policy/sources/thefunds/fin_inst/pdf/efsi_esif_
compl_en.pdf
13EFSI: next steps
Building the EFSI pipeline ongoing and of high priority
Focus on business development by exploring new market
segments and targeting new clients based on added value
notably in terms of catalytic effect to ensure that the EFSI
volume targets for the period 2015 - 2018
Further efforts to accelerate new products, collaboration
with National Promotional Banks as well as the setting-up
of Investment Platforms
262. Making finance reach the real economy
Transparency on investments in Europe
European Investment Project Portal (EIPP) - www.ec.europa.eu/eipp
Matching investment opportunities proposed by project sponsors
with investors' interest
Initial phase is now open – project promoters may submit projects
Strengthening advisory services
European Investment Advisory Hub (EIAH) by EC/EIB
www.eib.org/eiah
Technical assistance
Pooling resources & expertise including from MS
15EIPP Find projects
European Investment Advisory Hub (EIAH)
DEMAND
Project promoters Public authorities Member States Private sector
Access point
Web content + Web portal + Support team
European Investment Advisory Hub
Existing advisory Additional advisory and EIAH’s partner
programmes and activities technical assistance institutions’ expertise
Delivery channels
Project support throughout the New investment support also Network of institutions incl.
project cycle in areas relevant to the scope EIB Group, European
Support to Financial of EFSI (could be delivered by Commission , National
instruments EIB advisory or operational Promotional Banks, etc.
Enhance access to finance teams) Integrated collaboration model
Identification of needs as they
arise
SUPPLY
183. Improved Investment environment
• Better and more predictable regulation at all levels
• Making most of the Single Market
• Structural reforms in the Member States
• Openness to international trade and investment
18Making most of EU Single market
Single Market Strategy
Support start-ups, remove barriers to firms and services
Energy Union
Transition to low-carbon economy (RE/EE), energy market,
interconnections.
Digital Single Market
Level playing field, improved access to digital goods and services,
harmonisation of rules
Capital Markets Union
Reduce fragmentation, reduce cost of funding esp for SMEs, amend
Solvency II
Single European Transport Area
19Structural reforms in Member States
Annual Growth Survey (EC, Nov-2015) – country fiches on MS investment challenges, to be
reviewed in European Semester
1) Public administration / business environment
• Regulatory barriers and administrative burden; Public administration; Public procurement
/PPPs;
• Judicial system; Insolvency framework; Competition and regulatory framework
2) Labour market / education
• Employment protection legislation & framework for labour contracts
• Wages & wage setting; Education, skills, lifelong learning
3) Financial sector / taxation
• Taxation; Access to finance
4) Research, development and innovation
• Cooperation between academia, research and business ; Financing of R&D&I
5) Sector specific regulation
• Business services / Regulated professions ; Retail; Construction; Digital Economy /ICT;
Energy; Transport
20Thank You - Would you like to know more?
#InvestEU
Investment Plan for
www.ec.europa.eu/invest-eu
Europe
www.eib.org/invest-eu
www.eib.org/efsi
www.eif.org/what_we_do/efsi
EFSI
Contact for promoters: info@eib.org or relevant EIB
Operations department
www.eib.org/eiah
EIAH eiah@eib.org
EIPP www.ec.europa.eu/eipp
20BACK UP SLIDES
22EFSI: mobilising new investment
5EFSI reporting
12EFSI timeline and investment period
2015 2016 2017 2018 2019 2020
4 July 4 July 30 June
4 July
1st 2nd
Deadline
deadline deadline
Entry into Third anniversary for
for for
force of of signing the approval of
signature signature
EFSI EFSI Regulation EFSI
of EFSI of EFSI
Regulation Operations
operations Operations
Investment period to achieve EUR 315bn of total investments “Extended” investment period
EFSI operations to target EUR 315bn of total investment by 2018
Actual investment period runs until 30 June 2020
27Co-financing with EFSI announced by MS
MEMBER STATE NPB1 FINANCING (UP TO)
Germany KfW € 8,000m
Spain ICO € 1,500m
France CDC € 8,000m
Italy CDP € 8,000m
Luxembourg SNCI € 80m
Poland BGK/PIR € 8,000m
Slovakia SIH/SZRB € 400m
Bulgaria BDB € 100m
United Kingdom € 8,500m
TOTAL € 42,580m
1. National Promotional Banks
26EFSI governance
STEERING BOARD INVESTMENT COMMITTEE
sets the strategic orientations, 8 independent experts selected by the Steering Board for their competence in project financing
operating policies, rules applicable to
operations with NPBs and Investment Approves or rejects the support of the EU guarantee for EFSI projects on the basis of the EFSI
Regulation and the scoreboard of indicators
Platforms, and the risk profile of the
EFSI Dominik Gillian Thierry
Radziwill Day Déau
3 members from the Commission
(Gerassimos Thomas, Irmfried
Schwimann, Benjamin Angel)
1 member from the EIB
(Ambroise Fayolle) Dalia Nievez Noel Gregor
Dubovske Rodriguez Patterson-Jones
MANAGING DIRECTOR AND
DEPUTY MANAGING DIRECTOR
MD (Wilhelm Molterer): Day-to-day
Vicky Fabio
management of the EFSI, prepares Kefalas Pammoli
and chairs the meetings of the
investment committee
dMD (Ilyiana Tsanova):
assists the MD
27Geographic allocation of EFSI approved operations (as of Mar-2016)
EFSI Infrastructure and Innovation Window
SOURCES TYPICAL PROJECTS IN
OF FUNDING PRODUCTS ELIGIBLE SECTORS
OFFERED
The Fund Other Research, Development,
serves as investors Innovation
Long-term senior
credit debt for higher join in on Energy infra, Renewable
protection for risk projects a project Energy, Energy Efficiency
new EIB basis
activities Transport
European Fund
for Strategic Subordinated loans
ICT
Investments
Environment and
Resource efficiency
Equity and
quasi-equity Human capital and social
sectors
SMEs
29Example of EFSI projects
Innovative renewable energy infrastructure fund in
Denmark
• EIB, backed by EFSI, provides equity-type financing of up to EUR 75m to
Copenhagen Infrastructure Partners for an innovative infrastructure fund
investing in large energy-related projects such as offshore wind, biomass
and transmission schemes.
• EIB's equity participation would contribute to the fund’s overall market
credibility with institutional investors and help broaden its investor base to
an international one.
• The anticipated high share of offshore wind, biomass and transmission
investments is expected to generate considerable employment in the
construction phase (2500 - 4000 jobs). It is also estimated that some 1000
jobs may be created during the project’s operation, a significant number of
which will be highly-skilled jobs.
30Example of EFSI project
Energy efficiency in residential buildings in France
The EIB, backed by EFSI, provides a €400m loan to a pioneering financing
programme aimed at addressing the need to trigger energy efficiency investments
in private homes in France on a large scale.
The project supports an innovative approach by French regions to set up
specialised companies to provide a ‘packaged’ solution covering technical and
financial assistance to homeowners for retrofitting.
The project is expected to support retrofitting of some 40 000 flats and houses.
Energy efficiency investments will benefit the economy by cutting energy bills,
saving emissions and creating new construction jobs
(c. 6 000). Total energy savings are estimated to be of the order of
288 000MWh per year. This is roughly equivalent to the annual energy
consumption of 9 600 French households.
31Example of EFSI projects
Accessibility Ports Infrastructure (Spain)
The project concerns the financing of the Fondo Financiero de Accesibilidad Terrestre
Portuaria (FFATP), to support investments in accesses via rail and road to the main national
ports during 2015-2020. The project will improve interoperability between transport modes in
the TEN-T network as all ports are TEN-T and in Cohesion Priority Regions.
The majority of schemes contribute to Climate Change through Sustainable Transport
objectives.
Third party financing required in order to complete the financing needs.
Financing from the EIB will accelerate the construction of projects and will act as a catalyst for
the participation of the Spanish NPB (ICO) and commercial banks.
Transport rolling stock (Italy)
Innovative financing structure (bond scheme) under EFSI for the acquisition of 49 five-car
articulated EMUs and 250 double-deck passenger coaches.
New rolling stock will be used in 5 regions, concentrating 50% of the service supply and 60%
of the entire Trenitalia’s patronage.
Delivery of new rolling stock: 2014 – 2016
Project Investment Cost: € 709m
Loan amount: € 300mEFSI SMEs and Mid-caps window
SOURCES TYPICAL FINAL RECIPIENTS
OF FUNDING PRODUCTS AND EXAMPLES
OFFERED
The Fund Other e.g. equity
serves as investors in a
credit Venture Capital join in on start-up
protection for a project SME
new EIF basis e.g. micro-
activities loans to
European Fund Guarantees a SME
for Strategic
Investments
e.g. loans
Securitisation for R&D
project
Mid-cap
company e.g.
Growth finance venture
capital for
a prototype
33Example of EFSI-backed EIF operation
EIF and Bpifrance sign first agreement for innovative French
companies
•Under the agreement, Bpifrance will provide finance to innovative companies in
France for a total of EUR 420 million over the next two years with support of EFSI,
allowing EIF to provide a new financing boost for highly innovative businesses under
the Horizon 2020 initiative InnovFin, the EU's Finance for Innovators.
•Bpifrance has recently launched a product called "Prêt d'Amorçage investissement"
("PAi") to address the needs of start-up companies. It will combine this product with
the EU guarantee at a 40% guarantee rate.
34Example of EFSI-backed EIF operation
EIF and BGK sign first COSME agreement in Europe
to benefit Polish businesses
•The agreement will provide BGK with a counter-guarantee allowing to support PLN
1,000 million (ca. EUR 250 million) of loans to SMEs in Poland over the next two
years with the support of EFSI.
•The loans will be provided without hard collateral thanks to a 80% guarantee which in
turn is backed by a counter-guarantee from the EIF, provided under the COSME
programme with financial backing from the EU.
•The agreement will make it possible for BGK to launch a new guarantee product and
to support additional financing without requiring hard collateral (e.g. mortgage) at
favourable conditions to approximately 5,000 SMEs.
35EIPP Home Page
EIPP Interactive project search and map
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